Profits slide at Bank of America

Bank's fixed income revenues were hit by less favourable conditions for credit and rates trading

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By

Vivek Ahuja

October 13, 2017 Updated: 5:46 p.m. GMT

Bank of America Merrill Lynch has followed its Wall Street rivals with a drop of more than $500m in fixed income sales and trading revenues that dragged net third-quarter profits from its global markets division down 30% from a year ago.

BAML, which reported its quarterly performance today, followed US investment banking rivals Citigroup, where fixed income sales and trading revenues also fell more than $500m, or 16%, and JPMorgan, where they were down 27%, or more than $1bn.